If you missed my enlightening interview with Jesse, click here. – Ilene
Long Term Weekly Gold Chart Targets 1275
Courtesy of Jesse’s Café Américain
Now that gold seems to have successfully broken out from its continuation pattern (ascending triangle or inverse H&S) we should be able to chart its targets more precisely than the chart from 24 September that at least successfully projected the breakout.
If there is a major liquidation event, such as an equity market dislocation, gold will likely be hit as well, but will provide an exceptionaly buying opportunity and would historically rebound more sharply than equities and most other investments.
As always, this is a forecast with some probablities of success, rather than a prediction. It will therefore be subject to change, and will meet with a variety of success, or not.
Basically, the ascending triangle calls out 1275 and an inverse H&S targets 1300ish. A confirmed breakdown below 1000 deactivates the formations. We will know more about the first pullback when we see how far this current leg goes. It has moved much more quickly so far than most have imagined, but the short term trend is quite apparent on the chart.
